City of Greater Shepparton councillors approved the options at an additional council meeting on Tuesday, August 26.
Councillors approved the full $1.2 million that council received from an insurance payout for the building to be put towards the reinstatement of the SISC building, subject to planning and regulatory approvals, flood risk considerations and the execution of relevant agreements.
The two alternative options are a $1 million relocation grant or an ex-gratia payment of $500,000 if the club decides not to pursue restoration or relocation.
Mayor Shane Sali said if the options had been put through the normal process, the timeline for the club would have been delayed, and using the additional meeting allowed council and the club to proceed with the original due dates.
SISC vice president Vince Tassoni thanked the council for the respectful dialogue that led to a positive outcome.
Cr Rod Schubert said the club was “about more than just bricks and mortar”.
“The Shepparton Italian Social Club should not be left homeless,” Cr Schubert said.
Cr Schubert acknowledged the risk of investing in a flood-prone area and said that any efforts to rebuild must properly address this risk.
Cr Sali thanked the club for its engagement with council and emphasised how the decision would give the club the ability to determine its own future.
“Council have always operated in good faith and maintained a respectful working relationship with the Shepparton Italian Social Club to reach an outcome that accommodates community expectations while allowing for a practical way forward,” Cr Sali said.
“We hope it gives members the confidence and certainty needed to determine the next chapter for their community.”
Council will now work with the SISC to implement the resolution and finalise the agreements required to advance the club's preferred option.